Houston heavyweight Anadarko Petroleum Corp. said it would cut its spending to between $4 billion and $4.5 billion with 20 percent set for exploration expenses and 20 percent for “mega-projects” on the way to more production.

Money for three mega-fields — Jubille off Ghana, Caesar-Tonga in the U.S. Gulf and El Merk in Algeria — were part of a “prudent” financial course, chief exec Jim Hackett said in a statement.

Overall, the U.S. onshore was in for 45 percent of company largesse, as much as “international” and the U.S. Gulf combined.

In contrast to North Sea doomsayers, Hackett said some of “the world’s largest discoveries” have been made in the past two years.

But like StatoilHydro counterpart Helge Lund, he said “high-quality” deepwater projects were to draw on the most expertise.

Meanwhile, four to six high-impact exploration and appraisal wells in the deepwater Gulf of Mexico and 20 “high-potential gross” wells internationally are in store. Six of the 20 target 100 million barrels of oil equivalent “per prospect”.

Overall, Anadarko aims to boost production by at least two million barrels of oil equivalent to up to 212 MM boe.

Tags: Anadarko Petroleum Corporation